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<br />JWF 1/12/04 <br /> <br />RESOLUTION NO. SAFA 2004-002 <br /> <br />RESOLUTION OF THE GOVERNING BOARD OF THE <br />SANTA ANA FINANCING AUTHORITY AUTHORIZING THE <br />EXECUTION AND DELIVERY BY THE AUTHORITY OF A <br />MASTER INSTALLMENT PURCHASE AGREEMENT, A <br />FIRST SUPPLEMENT TO MASTER INSTALLMENT <br />PURCHASE AGREEMENT, AN INDENTURE, AN ESCROW <br />AGREEMENT AND A PURCHASE CONTRACT IN <br />CONNECTION WITH THE ISSUANCE OF SANTA ANA <br />FINANCING AUTHORITY WATER REFUNDING REVENUE <br />BONDS, SERIES 2004 (PAYABLE SOLELY FROM <br />INSTALLMENT PAYMENTS SECURED BY WATER <br />SYSTEM NET REVENUES), AUTHORIZING THE <br />ISSUANCE OF SUCH BONDS IN AN AGGREGATE <br />PRINCIPAL AMOUNT OF NOT TO EXCEED $22,000,000 <br />AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL <br />STATEMENT IN CONNECTION WITH THE OFFERING <br />AND SALE OF SUCH BONDS AND AUTHORIZING THE <br />EXECUTION OF NECESSARY DOCUMENTS AND <br />CERTIFICATES AND RELATED ACTIONS <br /> <br />BE IT RESOLVED BY THE GOVERNING BOARD OF THE SANTA ANA <br />FINANCING AUTHORITY AS FOLLOWS: <br /> <br />Section 1. The Governing Board of the Santa Ana Financing Authority hereby <br />finds, determines and declares as follows: <br /> <br />A. <br /> <br />The City of Santa Ana (the "City") previously financed the costs of the <br />acquisition, construction and installation of certain water system capital <br />improvements (the "Project") pertaining to the City's water system (the <br />'Water System"); <br /> <br />B. <br /> <br />In order to accomplish such financing, the City entered into the Master <br />Installment Purchase Agreement, dated as of August 1, 1994 (the "Prior <br />Master Installment Purchase Agreement"), between the City and the <br />Authority, and the First Supplement to Master Installment Purchase <br />Agreement, dated as of August 1, 1994, between the City and the <br />Authority (the "Prior Supplement" and together with the Prior Master <br />Installment Purchase Agreement, the "Prior Installment Purchase <br />Agreement") and pertaining to the Water System; <br /> <br />C. <br /> <br />In order to provide the funds necessary to finance the Project, the <br />Authority issued its Water Revenue Bonds, Series 1994 (Payable Solely <br /> <br />Resolution No. SAFA 2004-002 <br />Page 1 of 6 <br />